HomeMy Public PortalAbout2016_03_29_R045 Perf Guar for Oaklawn at Stratford Landbay D The Town of
Leesburg,
Virginia PRESENTED: March 29, 2016
RESOLUTION NO. 2016-045 ADOPTED: March 29, 2016
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS AT OAKLAWN AT STRATFORD -
LANDBAY D (TLPF-2006-0018)
WHEREAS, the Town's Assistant Town Manager has reviewed the improvements installed
to date for Oaklawn at Stratford-Landbay D and certified that the value of recently approved work is
$87,549; and
WHEREAS, a Cash Bond from PNC Bank in the current amount of$210,522 was provided
by the developer and approved by the Council to guarantee installation of public improvements
Oaklawn at Stratford-Landbay D; and
WHEREAS,the Assistant Town Manager recommends reducing the performance guarantee
for public improvements installed at Oaklawn at Stratford-Landbay D.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The Cash Bond from PNC Bank for Oaklawn at Stratford-Landbay D in the
current amount of$210,522 is reduced to $122,973.
SECTION II. The Town Manager shall notify the developers that liability for the Cash Bond
has been reduced as outlined in Section I of this resolution and that this reduction does not constitute
acceptance of public improvements by the Town or relieve the developer of responsibilities outlined
in the contract for public improvements at Oaklawn at Stratford-Landbay D.
PASSED the 29th day of March, 2016.
David S. Butler, Mayor
Town of Leesburg
ATT. :
is; ',
Clerk of Co 1r
P:\Resolutions\2016\0329 Oaklawn at Stratford-Landbay D-Bond Reduction.doc